Consumer despair

What used to be called the “consumer confidence” survey may be due for a renaming. The FT reports:

Consumer confidence fell from a reading of 61.4 in September to 38 [in October] – the lowest level since the index was established more than 40 years ago and well below economists’ expectations that it would drop to 52. … The previous all-time low in the index was set in December 1974, when consumer confidence fell to a level of 43.2. … Americans’ assessments of their “present situation” declined from 61.1 in September to 41.9 in October. Meanwhile, the “expectations” index collapsed from 61.5 in September to 35.5 this month.